S&P 500 (SPY) futures are up 0.4% and Nasdaq 100 (QQQ) up 0.5% as U.S. markets return from the 3-day weekend. While the U.S. got some sun yesterday, Europe posted gains and is up moderately again today. The elections there drew loud headlines for the gains made by far right wing and anti-EU parties, but Italy soared after reform-minded Matteo Renzi - who has only been in power for three months - beat back a challenge from Beppe Grillo.

Asia was little-changed overnight.

The 10-year Treasury yield is flat at 2.54% and gold is lower by $8 an ounce to $1,284.

Major stock index futures are all modestly higher as equities look to bounce from yesterday's struggles. Tuesday's big loser, the Russell 2000 (IWM) is up the most, +0.4%. There are a number of Fed speakers today as well as the release of the most recent FOMC minutes at 2 ET.

Europe's little-changed and the biggest mover in Asia overnight was Shanghai, +0.8%.

The 10-year Treasury yield is up two basis points to 2.53% and gold is lower by $3 per ounce to $1,292.

Barely in the green for the year at the moment, the S&P 500 could slide 10% between now and October, says the technician, but there's a stealth bear market already happening in the Nasdaq, S&P Mid-Cap, and Russell 2000, and when support breaks (less than another 2%), those indices could see 20-25% declines.

The situation reminds him of 1994 when the Dow and S&P were in a trading range all year, but things were falling apart underneath the surface.

Following the washout into October, though, Acampora sees a "very, very strong Q4."

Stocks are set to add to yesterday's losses at the open, with S&P 500 (SPY) futures down 0.2% and Nasdaq 100 (QQQ) off 0.3%. The small cap Russell 2000 (IWM) - which entered correction territory yesterday - is down 0.2%.

Stock index futures hug the flatline ahead of a bid day of economic news including CPI and Philly Fed, capped by a Janet Yellen speech scheduled for tonight. Wal-Mart reports its quarterly results before the bell. Cisco is up 6% premarket after beating estimates after yesterday's close.

Europe's edging lower and the Nikkei and Shanghai slipped overnight following a weak day in the States.

Maybe the most interesting action of late is the Treasury market, and the 10-year yield is flat in early action after tumbling all the way down to 2.54% yesterday. Gold is lower by $2 per ounce to $1,304.

Stock index futures are marginally lower with the pace of quarterly earnings reports slowing down from last week's frantic pace. Keep an eye on the homebuilders and banks today after new FHFA chief Mel Watt yesterday signaled a major change in policy for the GSEs: To make mortgage credit more easily available.

S&P 500 (SPY) futures are lower by 0.15% and Nasdaq 100 (QQQ) by 0.25% amid a slower flow of earnings reports as the week draws to a close. Apple is down 0.5% premarket as Apple - for the first time - seemingly acquires a brand for a brand's sake with the rumored purchase of Beats Electronics.

Europe's moderately lower and Asia closed moderately higher.

The 10-year Treasury yield is off one basis point at 2.61% and gold is up $3 per ounce to $1,291.

Stock index futures tug the flatline amid another busy day of quarterly earnings reports. Among Dow names, Disney is poised for a higher open after hit movies powered a strong March quarter. In IPO news, Alibaba has finally filed for its much-anticipated public offering.

Europe's showing small losses, but the Nikkei plunged nearly 3% as Japanese markets returned from a 2-day holiday. Among the declines was SoftBank - the biggest investor in Alibaba - which fell 5.1% in buy the rumor, sell the news type action.

The 10-year Treasury yield is flat at 2.59% and gold is up $3 per ounce to $1,312.

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